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VOL. 126 | NO. 228 | Tuesday, November 22, 2011

Medtronic Beats Estimates on Higher Q2 Sales

WASHINGTON (AP) Medtronic Inc., the world's largest medical device maker, reported higher-than-expected earnings Tuesday as overall sales edged up despite continuing pressure on the company's best-selling heart and spine implants.

Fred's Q3 Profit Rises 16 Pct.

MEMPHIS (AP) – Discount-store operator Fred's Inc. said Tuesday its third-quarter profit rose 16 percent, boosted by strong customer traffic and cost cutting. The results beat Wall Street expectations.

MED Makeover

Capital improvements highlight revitalized Regional Medical Center

The first time Dr. Reginald Coopwood, CEO of The Regional Medical Center at Memphis, ever saw the facility he now leads, he asked, “Where’s the front door?”

Fund Managers Preach Patience

“Sentiment is as fearful and irrational as we have experienced.” That’s a line from the most recent quarterly letter to shareholders of the Longleaf family of mutual funds that’s managed by Memphis-based Southeastern Asset Management.

Minority Biz Council Presents Awards

Memphis Light, Gas and Water Division outshined co-finalists FedEx Express and Smith & Nephew to win Corporation of the Year Friday during the 26th annual Robert R. Church Achievement Awards Luncheon.

Local Weather
Today
Memphis, TN
72°F
Mostly Cloudy
Wind: 6 mph
Humidity: 81%

EVENTS

Talk Shoppe will present “Open Microphone Discussing Hot Business Topics” Wednesday, Nov. 23, from 9 a.m. to 10 a.m. at the Better Business Bureau, 3693 Tyndale Drive. For more information, call Jo Garner at 482-0354.

more events »

JudyMac Team Celebrates Clients With Annual Party

For 23 years, Judy McLellan has hosted a holiday party not only for her team members but for anyone she has been involved with in the homebuying process.

Zimmer Acquires Memphis-Based ExtraOrtho

Memphis-based medical device company ExtraOrtho Inc. has been acquired by Warsaw, Ind.-based Zimmer Holdings Inc.

REAL ESTATE RECAP

Cross Creek Shopping Ctr. Sells for $12.7 Million

3469 Riverdale Road, 3505 Riverdale Road and 3587 Riverdale Road, Memphis, TN 38115, Sale Amount: $12.7 million -
Commack, N.Y.-based Allied Development of Memphis LLC has bought Cross Creek Shopping Center for $12.7 million. The seller is JPMCC 2005-LDP2 Riverdale Retail LLC, an entity managed by LNR Partners LLC that bought the property for $12.3 million out of foreclosure in October 2010.

LOCAL COLUMNISTS

The Manager Of Promises

OK, I’ll admit up front this week that I am going to get in a bit of a soapbox mode because my cable service went out this weekend in the middle of a very interesting football game. Andy Rooney is gone and can no longer whine about supercilious issues on Sunday evenings, so some of us will have to take up the slack.

Start Living on One Income

Ray’s Take: Some of the best advice I can give engaged couples is to live on one income right from the start, because you never know when you might be forced to do so. If you’re already married, it’s still a good idea – for the same reason. Plus, it enables you to really save for the future and the unexpected.

MEMPHIS AREA

Gibson Selling First Guitars With Substitute Wood

NASHVILLE (AP) – With federal seizures of large quantities of rosewood and ebony, Nashville-based Gibson Guitar has been forced to get creative.

STATEWIDE

GM to Build Equinox in Spring Hill; 700 Jobs Open

SPRING HILL, Tenn. (AP) – General Motors has announced it will begin building its Chevrolet Equinox at its idled Spring Hill plant next year and plans to begin making a midsized vehicle there in the future.

NATIONAL BUSINESS

Chase Rolls Out Chipped Card

NEW YORK (AP) – Chase is rolling out a credit card embedded with a “smart” chip technology that reduces fraud and is already widely used outside the United States.

MF Global Trustee Says $1.2B or More Missing

WASHINGTON (AP) – The court-appointed trustee overseeing MF Global's bankruptcy says up to $1.2 billion is missing from customer accounts, double what the firm had reported to regulators last month.

Expedia Buys Stake in Chinese Travel Company eLong

NEW YORK (AP)Expedia Inc. has purchased Renren Inc.'s approximately 8 percent interest in Chinese online travel company eLong Inc. for about $72.4 million, the companies said Monday.

Shopping Experts Warn About Overlooked Expenses

KNOXVILLE (AP) – Shopping experts say lack of planning and overlooked expenses hurt family budgets during the holidays.

After Outbreak, Egg Mogul is Leaving the Industry

IOWA CITY, Iowa (AP) – A ruthless businessman who built one of the nation's largest egg production operations from scratch even as he racked up environmental and labor violations is getting out of the business in disgrace after one scandal was too much to overcome: a nationwide salmonella outbreak caused by his products.

NATIONAL POLITICS

Panel Set to Fail to Cut Deficit $1.2 Trillion

WASHINGTON (AP) – The bipartisan leadership of a special congressional deficit supercommittee has officially announced that the panel has failed to reach an agreement.

REAL ESTATE

October Home Sales Rose 1.4 Percent but Still Weak

WASHINGTON (AP) – The number of Americans who bought previously occupied homes rose slightly last month but remained at depressed levels. And more deals are being canceled at the last minute, a sign that even those who are looking to buy are worried about the housing market.

Firm That Threw Foreclosure Costume Party Closing

BUFFALO, N.Y. (AP) – An embattled foreclosure law firm that was criticized for a Halloween party that mocked the homeless and was recently shunned by Fannie Mae and Freddie Mac will close.

HEALTH CARE

Safety Net Hospitals Worried About Possible Cuts

NASHVILLE (AP) – TennCare could be in big trouble if Congress decides to decrease or stop providing matching money for provider fees.

Ex-Exec Gets 9 Months for Fatal Bone Cement Trial

PHILADELPHIA (AP) – The pursuit of profits blinded a medical company's president to the "the sanctity of human life," a federal judge said Monday in sentencing him to prison for nine months for unapproved medical tests that left three patients dead.

TECHNOLOGY

AT&T Discloses "Organized" Hacking Attempt

SAN FRANCISCO (AP) – AT&T Inc. says there appears to have been an "organized attempt" to break into mobile customers' online accounts, but no accounts were breached.

Gates Testifies in $1B Lawsuit Against Microsoft

SALT LAKE CITY (AP) – Microsoft's Windows 95 rollout presented the most challenges in the company's history, leading to several last-minute changes to technical features that would no longer support a rival software maker's word processor, Bill Gates testified Monday in a $1 billion antitrust lawsuit filed by the creator of WordPerfect.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 114 332 10,554
MORTGAGES 119 412 13,739
FORECLOSURE NOTICES 12 80 2,724
BUILDING PERMITS 522 915 25,222
BANKRUPTCIES 80 264 10,156
BUSINESS LICENSES 16 78 3,814
UTILITY CONNECTIONS 92 430 14,987
MARRIAGE LICENSES 15 83 3,250

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